[Phlogiston]

The old lacquer has yellowed, a lot. That is not a bad thing unless you try to fix it with new "clear" gloss lacquer.
Any coating including oils is going to bring out the color of the natural wood and that will not match the rest. A talented painter with a lot of time could match and blend a repair (think car body repair). Almost every other talented painter would strip and match that piece/panel. The rest of the talented painters would Strip and try to match the entire top. Everyone else would want to strip and finish the entire cabinet without having to match anything.

Just purchasing minimal tools and materials would probably pay for a good portion of a professional repair. And then there is the time required to learn how to use them. I am assuming that you are not a refinisher, prof, or otherwise?

Here is a similar cabinet with a new finish on it, before and after:

   

I'm showing you that to give you an idea of what it might look like. Some people really like that and some really don't. Most people would have no opinion.

I suppose it really comes down to how much you like the old radio and personal taste.

This is not a solicitation in any form. I'm retired.

Russ